News & Macrohigh confidence
US rig count falls despite rising oil prices
oilprice.com · August 22, 2026 · Week 2026-34
Summary
The number of active oil and gas drilling rigs in the United States declined, according to the latest weekly data from Baker Hughes. This pullback in drilling activity comes despite Brent crude prices rising above $94 per barrel, suggesting potential capital discipline or operational lags among US shale producers.
Strategic Implication
A slowdown in US drilling activity, if sustained, could ease non-OPEC supply growth projections, supporting higher global oil prices which benefits MENA producers.